PIN A5.5.4

The DFSA may at its discretion and on the application of an Insurer, permit that Insurer to apply PIN Rule A5.5.3 as though the figure of 15% was replaced with a higher figure approved in writing by the DFSA. The approved figure may not be more than the actual percentage which the hybrid non-cellular capital represents of adjusted non-cellular equity, and may not in any case exceed 30%.

Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]